Smart Government Market Share Reach USD 124.7 Billion by 2031, Key Factors behind Market's Growth

According to the report published by Allied Market Research, The Smart Government Market Share Reach USD 124.7 Billion by 2031, Key Factors behind Market's Growth. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

The surge in adoption of technical innovations, rise in government investments in smart government technology, and the high acceptance rate of cloud-based solutions are the factors that drive the growth of the smart government market. In addition, increase in penetration of smartphones coupled with fast internet connectivity, upsurge in preference among consumers for smart governments, and massive adoptions of e-government features in developing countries accelerate the smart government market growth.

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The global smart government market was valued at USD 21.9 billion in 2021, and is projected to reach USD 124.7 billion by 2031, growing at a CAGR of 19.4% from 2022 to 2031.

The smart government market is segmented into component, type, deployment model, and region. By component, the market is categorized into solution and service. Depending on type, it is segregated into analytics, security, remote monitoring, network management, government resource planning system, participatory democracy and others. By deployment model, it is on-premise and cloud. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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COVID-19 Impact Analysis :

● Smart governments are experiencing massive growth as consumers are getting familiar with the digital technologies in the market.

● improved revenue-generating prospects for the IT industry by collaborating with the government and aiding in smart governance provide various growth opportunities for the smart governments market's growth.

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By component, the solution segment acquired major share. Citizens are increasingly using smartphone applications to report public service complaints while also giving proof in the form of images or other media assets.

On the basis of type, the government resource planning system segment attained the highest growth during 2021. This is attributed to the increase in adoption of digital technologies by government for planning the use of resources in an effective way.

Furthermore, the surge in reliance on statistical and analytical data generated by the GRP software is fueling the growth of the segment in smart government market.

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Region wise, the smart government market size was dominated by North America in 2021. The existence of well-established ICT infrastructure in the North American area has aided in the expansion of the smart government industry in the region

The key players operating in the global smart government market include ABB Ltd., Amazon Web Services, Inc., Avaya Inc., Capgemini S.A., Cisco Systems, Inc., CitizenLab, Decidim, Huawei Technologies Co., Ltd., Imex Systems Inc., Nokia Corporation.

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